Zenith IMMF Balanced US$ Acc: Charges

The annual management charge of the Fund is 1.5% p.a. and is reflected in the calculation of the price of a unit within the Fund.  The annual management charge may be changed by the Investment Manager.

The Fund invests in Investment Funds which also bear net annual management charges. These net annual management charges are currently between 0.40% and 0.75% and may be varied by the Investment Manager.

The Nordben Management charge for the Fund is currently 0%.

Nordben is entitled to deduct a management charge from time to time and has discretion to determine and potentially change the level of the management charge. However, where Nordben negotiates appropriate terms with the Investment Manager, this charge is reduced by the amount rebated to Nordben by the Manager.  The management charge, if levied will be deducted from the Plan by cancelling Units.